Rs 1,265 crore order book: This multibagger civil construction company receives IOD approval for its luxurious residential project of 10 societies; scrip hit 52-week high!
The company is expected to generate revenue of Rs 1,200 crore in the next 4 years from this project.
Man Infraconstruction Limited (MICL), a leading construction company and a pioneer name in real estate development, announced the company has received an intimation of disapproval (IOD) approval for its luxurious residential project of 10 societies located at Ghatkopar East, Mumbai having carpet area of approx. 4 lakh sq. ft. for sale.
Mumbai, September 27, 2023: Commenting on this development, Mr Manan P. Shah, Managing Director of MICL said, “We proudly announce the receipt of an IOD approval and necessary approvals from concerned authorities for its 12,000+ square meter gated community Luxurious Residential Project of 10 societies located at Ratilal B. Mehta Road (60 Feet Road), Ghatkopar (East), Mumbai. The project is in the stage of receiving other approvals in due course of time. MICL Group is excited and gearing up to launch the project likely in the fourth quarter of the financial year 2023-24. The company is expected to generate revenue of Rs 1,200 crore in the next 4 years from this project.”
On Wednesday, shares of MICL gained 2.88 per cent to Rs 158.75 per share with an intraday high of Rs 163.75 and an intraday low of Rs 151.50. The stock also made a new 52-week high of Rs 163.75 per share with a spurt in volume by more than 4.33 times on BSE.
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According to the Quarterly Results, the net sales increased by 45 per cent to Rs 509.66 crore and net profit increased by 112 per cent to Rs 82.44 crore in Q1FY24 compared to Q1FY23. According to the annual results, the net sales increased by 96.61 per cent to Rs 1,890.35 crore and net profit increased by 19.51 per cent to Rs 258.57 crore in FY23 compared to FY22. The order book stands at Rs 1,265 crore as of June 2023.
The shares of the company have a PE of 19.5x whereas the industry PE is 32x and a ROE of 26.40 per cent & a ROCE of 32 per cent. The stock gave multibagger returns of 137 per cent in just 6 months whereas BSE Sensex Index is 15 per cent. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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